The Impact of Chinese Monetary Policy Shocks on East Asia

We study the effects of Chinese monetary policy shocks on China’s major trading partners in East Asia by estimating structural vector autoregressive (SVAR) models for six economies in the region. We find that a monetary expansion in Mainland China leads to an increase in real GDP (temporary) and the price level (permanent) in a number of economies in our sample, most notably in Hong Kong and the Philippines. The impact could result from intertemporal substitution present in a general equilibrium framework which allows for positive domestic impacts of foreign monetary expansions. Our results emphasize the growing importance of China for its neighboring economies and the significance of Chinese shocks for the design of monetary policy in Asian economies.monetary policy shocks; Asian production chain; SVAR; East Asia; China

Infrastructure and Growth: Empirical Evidence

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities competition enhancing effects. This paper analyses the empirical relationship between infrastructure and economic growth. Time-series results reveal a positive impact of infrastructure investment on growth. They also show that this effect varies across countries and sectors and over time. In some cases, these results reveal evidence of possible over-investment. Bayesian model averaging of cross-section growth regressions confirms that infrastructure investment in telecommunications and the electricity sectors has a robust positive effect on long-term growth (but not in railways and road networks). Furthermore, this effect is highly nonlinear as the impact is stronger if the physical stock is lower.http://deepblue.lib.umich.edu/bitstream/2027.42/64356/1/wp957.pd

Evaluating Preference Stability Across Psychotropic Medication Changes in Persons with Intellectual and Developmental Disabilities

Research in applied behaviour analysis evaluating psychotropic medication impact on persons with intellectual and developmental disabilities (IDD) is relatively limited (Cox & Virués-Ortega, 2016). Even though evidence supporting the efficacy of psychotropic medication in treating challenging behaviour has been described as controversial, an Ontario study reported between 39% to 56% of adults with IDD are prescribed at least one psychotropic medication (Lunksy et al., 2018). The overall prevalence of medication use within this population, combined with the lack of research showcasing efficacious outcomes, suggests that further evaluation of psychotropic medication impacts is required. Behaviour analytic researchers have hypothesized that psychotropic medications may function as motivating operations (Conine & Vollmer, 2019). Therefore, it may be important to systematically monitor clinically indicated medication changes for their effect on an individuals preference stability, as well as on stimulus class displacement. Two participants with IDD who engage in challenging behaviour and were undergoing medication changes (e.g., medication increases, decreases, addition, and removal) took part in repeated weekly preference assessments (edible-item, leisure-item, and combined-class). Analysis included a Spearman rank correlation analysis, a non-parametric partial correlation analyses, and visual analysis to these data. Results indicated that psychotropic medication changes appeared to affect non-selection, preference stability, and class displacement differentially across the two participants. Clinical implications, limitations, and future directions are discussed

Infrastructure and Growth: Empirical Evidence

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities competition enhancing effects. This paper analyses the empirical relationship between infrastructure and economic growth. Time-series results reveal a positive impact of infrastructure investment on growth. They also show that this effect varies across countries and sectors and over time. In some cases, these results reveal evidence of possible over-investment. Bayesian model averaging of cross-section growth regressions confirms that infrastructure investment in telecommunications and the electricity sectors has a robust positive effect on long-term growth (but not in railways and road networks). Furthermore, this effect is highly nonlinear as the impact is stronger if the physical stock is lower.investment, infrastructure, network industry, economic growth, cointegration, Bayesian model averaging

Global and Regional Links between Stock Markets - the Case of Russia and China

In a broad sample of developed and emerging economies over the past ten years we apply the approximate factor model in a search for common global and regional driving-forces in stock market returns and volatility. We focus particularly on two emerging stock markets - Russia and China, because of their unique characteristics and performance in the past years. We find that while Russian markets, like the CEEC region, substantially increased their integration with global stock markets, both the Chinese A- and B-share markets continued to move largely independently from global movements and only slightly increased in comovement with regional forces. We provide evidence of a general increase in global comovement of stock markets over the past decade and a decline in the role of regional forces, which imply a decrease of the effectiveness of cross-country hedging strategies.stock markets; financial integration; Russia; China; global and regional integration

CEEC Accession Countries and the EMU - An Assessment of Relative and Readiness for Euro-Area Membership

n/

Measuring Long-Run Exchange Rate Pass-Through.

The paper discusses the issue of estimating short- and long-run exchange rate pass-through to import prices in euro area countries and reviews some problems with the measures recently proposed in the literature. Theoretical considerations suggest a long-run Engle and Granger cointegrating relationship (between import unit values, the exchange rate and foreign prices), which is typically ignored in existing empirical studies. We use time series and up-to-date panel data techniques to test for cointegration with the possibility of structural breaks and show how the long-run may be restored in the estimation. The main finding is that allowing for possible breaks around the formation of EMU and the appreciation of the euro starting in 2001 helps restore a long run cointegration relationship, where over the sample period the fixed component of the pass-through decreased while the variable component tended to increase.Exchange rates ; Pass-through ; Import prices ; Panel cointegration ; Structural break.

Roads on a downhill? Trends in EU infrastructure investment

This paper describes long-term trends in public investment and analyses their causes and consequences. This has been undertaken separately for the EU-15 and the new member countries in Central and Eastern Europe. In addition, it assesses the significance of infrastructure finance through public-private partnerships, which are often portrayed as a substitute for traditional public procurement of infrastructure. The conclusion that emerges is that while public investment has been trending down in non-cohesion countries and while public-private partnerships are gaining popularity, the quantitative significance of these developments should not be exaggerated

Infrastructure and gowth : empirical evidence

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities competition enhancing effects. This paper analyses the empirical relationship between infrastructure and economic growth. Time-series results reveal a positive impact of infrastructure investment on growth. They also show that this effect varies across countries and sectors and over time. In some cases, these results reveal evidence of possible over-investment. Bayesian model averaging of cross-section growth regressions confirms that infrastructure investment in telecommunications and the electricity sectors has a robust positive effect on long-term growth (but not in railways and road networks). Furthermore, this effect is highly nonlinear as the impact is stronger if the physical stock is lower

Safety and efficacy of cryoablation without the use of fluoroscopy

Background: Development of electroanatomical systems make it possible to perform ablations without the use of fluoroscopy. The aim of this study was to evaluate the efficacy and safety of cryoablation pro­cedures without the use of fluoroscopy. Methods: The study group consisted of 45 patients (14 female; age 36 ± 15 years) treated with cry­oablation using the EnSite electroanatomical system: 10 with ventricular extrasystoly from the right ventricle, 6 with the arrhythmogenic site near the left coronary artery, 17 patients with Wolff-Parkinson- -White syndrome (WPW), 2 patients with atrioventricular nodal reentrant tachycardia (AVNRT) type 2, 7 patients with AVNRT type 1, 3 patients with atrial tachycardia. Results: In 38 of the 45 patients (84%) cryoablation procedure was performed without the use of fluoroscopy. Cryoablation efficacy was 78.9%. In 5 patients unsuccessful cryoablation was fallowed by radiofrequency applications. Finally, efficacy reached 92.1%. There were no deaths. In 1 patient a small adverse event — right bundle branch block was observed after ablation of para-Hisian accessory path­way. No other adverse events were observed. In the long term follow-up efficacy was 89.5%. Conclusions: Cryoablation using electroanatomical system without the use of fluoroscopy is a safe and efficient procedure and it is a possible alternative in most patients qualified for cryoablation